The U.S. & South Korea Free Trade Agreement faces possible repeal by South Korea’s opposition party. However, analysts watching those developments, tend to think such rhetoric is political in nature and repealing the pact would actually be costly economically and politically. The South Korean Ministry of Foreign Affairs and Trade says the government will take the necessary steps to “maximize benefits” to South Korean companies and the general public.
For U.S. pork, complete tariff implementation will take up to 10-years. Still, the National Pork Producers Council is pleased. U.S. pork products have significant tariffs on them– 25 percent on frozen product and 22.5 percent on fresh or chilled pork. Under the KORUS FTA, tariffs would be eliminated on all U.S. frozen pork and some processed frozen pork by January 1, 2016. Fresh-chilled pork would be duty-free within 10 years after implementation.
More Reaction to U.S. & South Korea FTA
Iowa Senator Chuck Grassley says – this is good news – the fact the U.S. – South Korea Free Trade Agreement will be implemented on March 15th. Mr. Grassley is a senior member of the Senate Finance Committee with jurisdiction over international trade. He points out – there could be future trade disputes between the two countries because some items may not be spelled out in the agreement. Still, Grassley believes – U.S. workers deserve the boost from this new market access. They’ll rise to the challenge with quality goods and services.
Meanwhile, Chad Blindauer, Chair of the National Corn Growers Association’s Trade Policy and Biotechnology Action Team, says – developing new markets for our country’s agricultural products is vital to producer income and also helps our sector lead the nation in economic growth and international competitiveness. Imports of U.S. corn for feed, as well as distillers grains, will now be guaranteed to enter South Korea duty free immediately. The United States exported 241-million bushels of corn to Korea in marketing year 2010-11.
Source: NAFB News Service